Does anyone want to discuss Medicare for All? Bernie recently said that the top 0.1% would pay for it, but I cannot find any numbers for how much income they average, just their wealth. Whatever DQYDJ.com is, they say the average 0.1% individual is worth $43,090,281. They also say there were 126.0 million households in the United States in 2017, so the top 0.1% is 126,000 families.
https://dqydj.com/net-worth-brackets...ts-one-percent
$43,090,281 x 126,000 = $5.43 trillion.
How much would Medicare-for-all cost? Sanders and Ocasio-Cortez both cited a study from George Mason University saying:
Quote:
|
[T]he bill "would, under conservative estimates, increase federal budget commitments by approximately $32.6 trillion during its first 10 years of full implementation.” According to the paper, even doubling all “currently projected federal individual and corporate income tax collections would be insufficient to finance the added federal costs of the plan.”
|
https://www.factcheck.org/2018/08/th...icare-for-all/
I do not know how you would seize the assets of millionaires and billionaires, but 100% of it would cover 16.65%
According to that DQYDJ.com page, the top 10% are worth on average $1,182,390.36. That would be 12,600,000 families, worth a total of almost 15 trillion.
That is still less than half what would need to cover it for ten years.
The net worth of the richest 90%, according to DQYDJ.com totals just under $29 trillion, so how in the world would you finance it when it costs more than every American is worth?
The bottom 10% have a negative net worth, so I excluded them.
Elizabeth Warren also promotes Medicare for All.
Quote:
|
Warren would put a 2 percent tax on every dollar of net worth above $50 million and a 3 percent tax on every dollar of net worth above $1 billion.
|
https://www.politifact.com/truth-o-m...uch-bottom-90/
If 100% of the top 90% would be insufficient, 2-3% of the top 10-11% would be wholly inadequate.
The problem is that Medicare only pays 60% as much as insurance. Hospitals do not profit from Medicare, they lose money. They profit off of insurance, which may be charging too much, but 40% extra for all services?
“You don’t need insurance companies for Medicare for all,” Dr. Gaffney added. “You need hospitals.”
"The majority of hospitals are nonprofit or government-owned."
https://www.nytimes.com/2019/04/21/h...hospitals.html